VANCOUVER, June 1, 2017 /CNW/ – Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO), is pleased to announce that it has received the balance of the $4,000,000 proceeds from Agnico Sonora, S.A. de C.V. (“Agnico”), a subsidiary of Agnico Eagle Mines Limited, for the sale of the Company’s Chipriona project in Mexico under an assignment agreement, details of which were disclosed in the Company’s news releases dated December 14, 2016 and December 22, 2016.
The current and final payment of $3,350,000 supersedes the three previously proposed sequential installments that were to be paid following certain conditions that have now been fully satisfied through the registration of title to the Chipriona concessions under Agnico at Mexico’s Public Registry of Mining. Sonoro has no further interest in the Chipriona concessions, save and except for its retention of a 1% net smelter returns royalty (“NSR”). The NSR may be purchased by Agnico at any time for $1,500,000.
This disposition by the Company has been accepted for filing by the TSX Venture Exchange.